Cnova N.V. (CNVAF)

Cnova N.V. (CNVAF) — VMCI valuation read

Cnova N.V. sits at VMCI 41/100, with the Consumer Cyclical sector median at 50. That 9-point spread is the first thing to note on CNVAF: it tells the reader the composite is unfavorable before any single ratio is examined, and the mid-cap tier sets the comparison set.

Form 4 disclosures on CNVAF are blank for the trailing 30 days. With the insider channel offline, the EV/EBITDA delta, free-cash-flow trajectory, and the next earnings print do the talking.

**Investor frame.** The Value read on CNVAF: CNVAF trades at 22.0x earnings, 22% above the Consumer Cyclical median of 18.0x, with EV/EBITDA at 13.0x against 12.0x. The Quality read: ROIC of 16.0% sits 6.0pp above the Consumer Cyclical median (10.0%). The Risk read: net debt to EBITDA of 1.0x leaves covenant headroom, anchoring the bear scenario on a measurable balance-sheet metric.

CNVAF fell 2.8% over the trailing 7 days, with a -5.9% read on a 30-day basis.